The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-05-17
How THEY SAVED THE BANK.
Clever scheme by which Dakota Mer-
chants Prevented n Suspension
New York Tribune

Clever Scheme by which Dakota Mer-
chants Prevented n Suspension.
New York Tribune.
1 ran across New York man the
other day who is largely interested in
the banking business of Dakota. The con-
versation drifted into a discussion of the
character of the people out there. They
may be rough in their manners, said he,
land uncouth in their ways, but they
stand by man when he is in trouble
and they never forget friend. | had
an opportunity" he went on, Ito test
this trait not many years ago. The bank
of the town where L was staying found
itself greatly embarrassed one fine day
by the failure of its principal correspond
ent in the Territory. This fact became
known late in the afternoon of the day
that the news of the failure reached the
town. A run ON the bank the following
morning was inevitable. To meet
it there was but $4,000 in the vaults.
The remainder of the assets could not
Immediately be turned into ready cash.
The president of the bank was at his
wits end. He didn't know what to- do.
Morning came and he decided to close
the bank. He was about to give the
necessary orders when in walked a com
mittee of the leading merchants of the
place. They asked for an explanation
of the situation. 1t was given to- them
and likewise an opportunity to look at
the books. A short examination suf-
feed to show that the bank was only
temporarily embarrassed. They said to
the president, You open the doors at 10
O'Clock as usual and pay the depositors;
well see you through this thing But
how are you going to do it, said the
president. Il have but 81. 900 here and
there are at least $50, 200 in deposits to
I'll - hot
on the sidewalk now Never you
mind. you open the bank and go ahead,
said tho committee, and we will see
you through.
We'll the bank was opened and in
rushed the depositors and out went the
money. The pile of greenbacks on the
cashiers desk drew smaller and smaller
and the crow d of depositors continued to
increase with every minute. Still the
paying at the teller's window went on.
On the sidewalk the people who had
drawn their money We're met by some of
the merchants who had promised to see
the bank through. What are You going
to do with your money? they would ask.
Il don't know came the answer. Sup
pose you leave it with us; you know our
house and know that we are responsible.
we wlll~give you our note and So
muck interest. To the farmers for
tnc utJoTlty Oh uepOSltOrS were
sarrners) the money in t h r
pockets, where it drew no interest, was
of little use; they preferred, of course,
the notes and were without difficulty
persuaded to part with their money. As
soon as they had received the money the
merchants would deposit it in the bank.
The same money was paid over the coun-
te. three times or oftener in the cours eof
the FAY, and when the bank closed at 3
O'clock in the afternoon it had in its
vaults as much money as it had started
with in the morning, and with $4,000 it
had paid over geo, 900 of deposits. The
promptness with which it met the de-
mands of the depositors stayed the panic
and the next morning there was not the
slightest intimation of run. This Is an
absolutely true story said my inform
ant i'm conclusion. ''for / was myself the
president of that bank. Now can you
match that by anything In the East !: